- [Narrator] The inventory stock status report
like your AP Aging order payables trial balance
and your AR agent receivables trial balance
is a tie out report given to the auditors to prove okay,
here's what you showed on your balance sheet for
on hand inventory.
Well gimme the details.
What are the list of inventory items with their value
to add up to that total inventory balance
as an asset on your balance sheet.
This is an important report.
Where do you run it?
Go to the inventory series.
Under reports, select activity.
Kind of hidden in there.
And once you've select activity
you have to click the dropdown and find the right report.
Well there is a stock status here
but that's going to give you only a cutoff as of exactly now.
What's in the system now.
There's no way to get a historical cutoff to agree
to the balance sheet.
So you have to use this historical stock status report.
So I'm going to create a new report option.
I'll call this Tie Out,
and I'm able to create a detailed report that'll show
what I have on hand for each item.
I can organize this from just
certain inventory warehouse sites.
Or I can show everything.
And depending on what number I'm trying to tie out
I might be even trying to tie out a certain account number,
an inventory account number.
So I'm putting in a range by the account number here.
And from my balance sheet where I have inventory accounts
I can then specify just that particular type of inventory.
That can be useful
if you're trying to tie out a particular account.
Notice I inserted the restriction.
You'll want to check your destination.
I generally recommend you print to the screen first,
make sure it is the report that you're looking for.
If you are using different costing standards,
you're able to select either using
Today's Standard/Average Cost or the Historical Cost.
And this is very important as a last thing.
You should always make sure that you use the GL posting date
if you're trying to tie to the GL
then you can set your cut off date here,
which is usually a last day of the month.
Last day of the period.
So this would be a way to create a report option to tie out
from your subledger detail to your inventory balance sheet.